UAE: Corporate Compliance Update: New Provisions regarding Real Beneficiaries / Ultimate Beneficial Owners

6. October 2020  

Through Cabinet Decision No. 58 of 2020 (“Decision”) the United Arab Emirates (“UAE”) updated their corporate compliance regulations with regard to real beneficiaries (also referred to as ultimate beneficial owners, “UBO”) for the companies in the UAE mainland, thereby further strengthening the applicable compliance regime in the UAE. In this Legal Briefing we look at the scope of the Decision and its impact on companies.